President Joe Biden has proposed funding infrastructure, free pre-K, and community college in his $6 trillion budget for next year paid for by raising taxes on the wealthy.
Biden’s American Jobs Plan to rescue the economy from the COVID-19 pandemic and “build it back better,” creating millions of jobs by rebuilding infrastructure and transitioning to clean energy, is part of the $6 trillion budget along with the American Families Plan, and educational opportunity plan.
The American Families Plan — to assist families having to juggle working at home and raising children during the pandemic — includes extending tax cuts for families with children, and the education plan includes free pre-school and community college.
Biden has proposed a Made In America tax plan to pay for the budget, which would restructure the tax code to make sure wealthy companies “pay their fair share,” the budget proposal shows. He has also proposed reforms to the income tax code in the American Families Plan, so the wealthy “play by the same rules,” by eliminating “longstanding loopholes,” such as lowering taxes on capital gains.
Along with improving roads and buildings, the budget will invest in public health crisis-related infrastructure, which includes $8.7 billion in discretionary funding for the Centers for Disease Control and Prevention to improve readiness for public health crises. It also includes an increase in funding to fight the opioid epidemic, the HIV/AIDS epidemic, expanded access to mental healthcare, and efforts to reduce gender-based violence, combat gun violence, and to address racial disparities in healthcare.
Though Biden would pay for the spending increases through raising taxes on wealthy corporations and individuals, the proposed budget would still result in a $1.8 trillion deficit next year.”The budget invests directly in the American people and will strengthen our Nation’s economy and improve our long-run fiscal health,” Biden said in a letter to Congress accompanying the proposal. “It reforms our broken tax code to reward work instead of wealth, while also fully paying for the American Jobs Plan and the American Families Plan over 15 years.”
Officials told NBC News Biden would not impose new taxes on anyone earning under $400,000 to pay for spending boost, with more than $2 trillion in infrastructure plans, a $1.8 trillion increase in childcare and education spending, and $1.5 trillion for domestic programs and a slight boost in defense spending.